Let’s say you are planning to move, and you currently own your home. One option is to sell your property, but a in many cases the better decision is to rent your home to creating a long term investment with monthly cash flow!
However, before a property manager, such as Goodall Properties, or yourself can rent the home, certain steps must be taken to get the home rent ready. "Rent ready" means the property is legally and physically ready for a renter to move in.
Here are guidelines to make sure your property is rent-ready:
1. Make sure that the property is legally ready.
rnIf the property is in a Homeowners Association, check to understand if renting your unit is allowed and/or if the Homeowners Association needs to approve the applicant. Also, most cities require a rental certificate before a renter is allowed to move in which ensures the property is up to code.
2. Clean the carpetsrn rnCarpets get dirty and it is standard practice in the rental community to clean carpets before each new tenant. Some carpet cleaners advertise that they leave zero residue. Beware of these companies because from experience they can’t remove all carpet stains. You don’t use water alone to wash stains out of your clothes, so why would you only use water to remove stains from carpet… Repair or replace any carpet that is damaged or doesn't come clean.
3. Spruce up the yardrn rnCut the grass, trim the bushes, prune the trees, pull the weeds, fix the broken yard furniture, replace dying shrubbery and add new flowering plants to flower beds. Don't underestimate a power washers ability to rejuvenate the outside of a property, especially the siding and patio cement.
4. Change the air filtersrn rnClean the air vents and surrounding ceiling area. Replace old furnace filters with new ones. It’s not a bad idea to supply furnace filters to the tenants for free. A dirty air filter stops air flow,and can get sucked into the furnace which is a costly fix.
5. Let in the lightrn rnReplace any broken light bulbs both inside and outside. Consider putting in energy-efficient bulbs, which reduce energy costs and don't need to be replaced as often. On the other hand, rnfor lights that won't need replacing, give them a thorough cleaning. Dirt and debris tend to make lights dimmer. When it comes to outside security, the brighter the better.
6. Inspect items for maintenancern rnNever delay maintenance because once a tenant moves in they will report any dirty or faulty items. Then you will have to go back to the property on the tenants schedule to get it fixed. Fill and texture any holes in the walls before applying new paint. Fix or replace any damaged tiles. Replace torn or broken screens.
7. Clean away all webs
Clean all indoor and outside webs that may hang in corners, walls, near doors, overhangs, and lights.
8. Inspect and clean windows and sliding glass doors
Windows and sliding glass doors can easily build up dirt. When dirt builds up it may prevent them from functioning properly. A good cleaning may help them work better and the property will show better too!
9. Clean from top to bottom
Hire a cleaning crew if you want to get units in rent-ready condition quickly. When a prospective renter tours your property it should be truly clean and presentable. Clean tenants don’t rent dirty homes. Also, if you rent a dirty home, expect that it will only be worse when the tenants move out. rn10. Presentation
Prospective tenants are the same as prospective buyers. They'll be more attracted to a well-presented property. Do your best to make it look great for the photos and is tidy for any viewings. Make sure the property shows well as a rental market. Clean, neat and orderly homes will be rented out faster, make your property appealing as possible.
15.Rent payments
Work out how rent will be collected, and have a separate bank account ready to hold the security deposit.
16. Insurance
Get a landlord policy for the house instead of a homeowners policy, and require the tenants to have renters insurance before you hand over the keys.
17. Choose the right tenants
Interview potential tenants and check their references and credit standing. Choose tenants who'll care for your property and fulfill all their obligations.
18. Vacant Possession
Make sure that the tenant can move in on the first day of the tenancy. You must take all reasonable steps to make sure there's no stopping the tenant from moving into the house on the lease start date.
19. Good start
Start a good relationship with your tenant. This is a good time to talk about the condition of the property, property inspection and how often you'll do inspections. Make sure the tenant has your contact details to stay in touch.
Takeaway
Renting a home can give you monthly passive income but a fair amount of work is required to get the home rent ready. That’s why some people elect to have a property manager to help. Either way, if these guidelines are observed and applied to your property, then you will be started down the right path to successfully renting your home!